Hamleys toy shop bought by French chain for £60m

Our most famous toy shop Hamleys was yesterday sold to a French company for a reported £60million.

Hamleys has been sold for an estimated £60 million (Picture: PA)

The company is now in the hands of family-run Groupe Ludendo, which operates 300 toy stores across France, Belgium, Switzerland and Spain.

Hamleys is 250 years old and has eight outlets in Britain and Ireland, including its seven-storey flagship store in Regent Street.

Ludendo has bought the brand as part of a strategy to double its portfolio over the next four years.

Chairman Jean-Michel Grunberg said: ‘Hamleys will give us the platform to accelerate our international development starting with the UK and into new markets.

‘We have the utmost respect for Hamleys’ brand and heritage, as well as the unique interactive retail environment of fun, entertainment and theatre that it has created.

‘We have every intention of maintaining this unique brand and what it stands for and building on its international development.’

The classic British brand was mainly owned by nationalised Icelandic bank Landsbanki, which took over Baugur’s stake when the investment group collapsed in the recession. Hamleys, which reported a turnover of £43million last year, is the latest asset to be auctioned off to help return money to creditors. Bracken, a private equity group run by financier David Rowland, who is one of Britain’s richest men and a Conservative party donor, owned a minority stake.

Hamley’s chief executive Gudjon Reynisson said: ‘We have big plans for the future and share both Groupe Ludendo’s ambitions for growth and their values.’